A cashed-up Revolver Resources (ASX: RRR) is targeting a priority Heli-EM conductor target with a new drilling program in the copper rich North-West Minerals Province in Queensland.
Backed by a recent funding injection of $5 million, Revolver is preparing to drill approximately 2,000m of holes with its contracted drilling rig currently being mobilised to its “sleeping giant” Osprey project site.
The company expects the initial Osprey program to be wrapped up by the end of July.
Drilling at Osprey will be quickly followed by a similar program at Revolver’s Dianne Project with the company targeting Mount Isa style copper and IOCG deposits at both locations.
Managing director, Pat Williams, said a key component of both the Osprey and Dianne programs will include diamond drill testing of promising Heli-EM conductor targets. The company has also identified a strong off-hole DHEM conductor at the C3 target at Dianne which will be examined with follow-up diamond drilling.
World class base metal province
“This region is one of the best endowed base metal provinces in the world. The north-western succession of the Mt Isa Inlier under cover is a newly emergent hotspot for mineral exploration targeting large scale iron oxide copper gold (IOCG) and Mt Isa-style base metal deposits. Osprey has been the sleeping giant of the Revolver portfolio since the company listed in 2021,” Mr Williams said.
“Multiple recent reinforcing streams of technical evidence provide a heightened level of priority and focus on the numerous targets now identified across the Osprey tenure. With drilling set to commence this week, we look forward to reporting on key drill outcomes across the coming weeks and months.”
Significant target generation programs
Located approximately 220km north of the historic Mount Isa mine, Osprey covers 765 square kilometres over six adjoining Exploration Permits for Mining (EPMs).
Nearby mines at Mt Isa, Mt George Fisher, Century, Lady Annie, Mount Gordon and Mount Kelly are amongst the world’s leading producers of zinc, lead, copper and gold.
To refine its exploration plans, Revolver has carried out a detailed logging and sampling program across key sections of 4,389m of historic diamond drill core obtained from separate drill campaigns prior to the company’s ASX listing in 2021.
This includes re-assay of over 500 drill core samples (supported by more than 1,500 pXRF analyses) and the examination of 750 alteration mineral spectral measurements.
The company is confident that this targeted program has helped it identify the potential for abundant sources of copper, some of which it is now following up.
Of note is a discrete isolated “hot spot” conductive zone at Osprey which is positioned directly above and proximate to the Rufus fault, a major regional crustal-scale structure.
Exploration funding secured
In late May Revolver confirmed it had obtained new funding to support its aggressive northern Queensland exploration plans with the signing of full-form binding documentation for a $3 million convertible loan facility.
That facility, provided by existing shareholder Kamjoh Pty Ltd, adds to a recent $2 million equity placement.